Lion Brewery (Ceylon) PLC Annual Report 2011 - Carson and ...

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54 Notes to the Financial Statements contd. As at 31st March 2011 2010 In Rs.’000s 20.3 Agent Deposits Balance as at the beginning of the year 627,838 593,873 Deposits received during the year 117,557 59,931 Deposits refunded during the year (1,069) (25,966) Balance as at the end of the year 744,326 627,838 Refundable deposits are taken from agents as security against the containers held with them. 21 Retirement Benefit Obligations The amounts recognised in the Balance Sheet are as follows: Present value of unfunded obligation 51,402 34,715 Liability in the balance sheet 51,402 34,715 The movement in the defined benefit obligation over the year is as follows: As at 1st April 34,715 28,829 Interest cost 4,166 3,460 Current service cost 5,754 4,019 Actuarial loss /(gain) 7,693 (416) Benefits paid (926) (1,177) As at 31st March 51,402 34,715 The amounts recognised in the income statement are as follows: Interest cost 4,166 3,460 Current service cost 5,754 4,019 Actuarial loss /(gain) 7,693 (416) Total included under staff cost 17,613 7,063 21.1 The gratuity liability as at 31st March 2011 amounting to Rs.51,402,436/- (2010 - Rs. 34,715,186/-) is based on an Actuarial Valuation carried out by Mr. M. Poopalanathan, AIA, M/s. Actuarial and Management Consultants (Pvt) Limited, a firm of professional actuaries. The principal assumptions made are given below: - Rate of discount 10% p.a. - Rate of salary increase 10% p.a. - Retirement age 55 years - The Company will continue in business as a going concern.
55 Notes to the Financial Statements contd. As at 31st March 2011 2010 In Rs.’000s 22 Deferred Taxation Deferred tax liability (Note 22.1) 469,856 401,564 Deferred tax asset (Note 22.2) - (3,089) Balance as at the end of the year 469,856 398,475 22.1 Deferred tax liability Balance as at the beginning of the year 401,564 413,371 Expense / (reversal) during the year 15,400 (11,658) Impact on revaluation of property (5,840) (149) Effect on tax rate change 58,732 - Balance as at the end of the year 469,856 401,564 22.2 Deferred tax asset Balance as at the beginning of the year 3,089 3,267 Reversal during the year (3,089) (178) Balance as at the end of the year - 3,089 22.3 Unused tax losses The deferred tax asset which had been recognised last year in respect of carried forward tax losses amounting to Rs.8,842,341/-, has been reversed since the remaining tax losses were fully recovered against the income tax payments made during the year. 22.4 Impact due to corporate income tax change As provided for in “SLAS 14 - Income taxes”, deferred tax assets and liabilities should be measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the Balance Sheet date. As per the amended Inland Revenue Act Number 22 of 2011, the corporate income tax rates would be increased to 40% (from the currently enacted 35%) with effect from 1 April 2011 and accordingly, deferred tax asset and liability have been computed based on such increased corporate tax rates. 23 Trade And Other Payables Trade payables 67,156 45,075 Others, including accrued expenses 180,966 165,105 Unclaimed dividends 353 234 248,475 210,414
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Lion Brewery (Ceylon) PLC Annual Re
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2 Lion Brewery (Ceylon) PLC Annual
Page 6 and 7: Chairman’s Statement 4 Lion Brewe
Page 8 and 9: Chief Executive’s Review 6 Lion B
Page 10 and 11: Chief Executive’s Review Cont. 8
Page 16 and 17: Profiles of Directors Contd. 14 Lio
Page 18 and 19: Senior Management Team 16 Lion Brew
Page 20 and 21: Annual Report of the Board of Direc
Page 30 and 31: Audit Committee Report 28 Lion Brew
Page 33 and 34: 31 Financial Report Financial calen
Page 35 and 36: 33 Independent Auditors Report TO T
Page 37 and 38: 35 Balance Sheet As at 31st March 2
Page 39 and 40: 37 Cash Flow Statement For the year
Page 41 and 42: 39 Notes to the Financial Statement
Page 55: 53 Notes to the Financial Statement
Page 61 and 62: 59 Value Added Statement For the ye
Page 63 and 64: 61 Five Year Summary contd. Year en
Page 65 and 66: 63 Income Statement For the year en
Page 67 and 68: 65 Five Year Summary Year ended 31s
Page 69 and 70: 67 Information to Shareholders and
Page 71 and 72: 69 Glossary of Financial Terms Appr
Page 73 and 74: 71 Form of Proxy I/We…………
Page 75 and 76: Corporate Information NAME OF COMPA
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